NCLAT Approves UltraTech’s Bid for Binani Cement

The National Company Law Appellate Tribunal ( NCLAT) on Wednesday approved UltraTech’s revised bid of Rs. 7,950 crore for Binani Cement.The NCLAT had dismissed an appeal by Rajputana Properties Private Ltd., saying its offer for Binani Cement was “discriminatory” against financial and operational creditors.

The Adjudicating Authority has noticed that the ‘Committee of Creditors’ had extensive negotiations and consultations with the ‘Rajputana Properties Private Limited’ on the ground that it was the highest ‘Resolution Applicant’ and also obtained certain clarification; after due deliberation voted in favour of the ‘Resolution Plan’ of the ‘Rajputana Properties Private Limited’ in its meeting held on 14th March, 2018. At the same time the ‘Committee of Creditors’ discriminated with the other ‘Resolution
Applicants’ which will be evident from the fact that the proposal for negotiation and better proposal given by the ‘Ultratech Cement Limited’ was not at all considered though it was submitted on 8th March, 2018 i.e. much prior to the approval of the plan (14th March, 2018).